2014 Kentucky Revised Statutes CHAPTER 304 - INSURANCE CODE Subtitle 33 - Insurers Rehabilitation and Liquidation 33.33-510 Conservation of property of foreign or alien insurers found in this state.
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304.33-510 Conservation of property of foreign or alien insurers found in this
state.
(1)
(2)
(3)
(4)
Grounds for petition. If a domiciliary liquidator has not been appointed, the
commissioner may apply to the Franklin Circuit Court by petition for an order
directing him or her to conserve the property of an alien insurer not domiciled in
this state or a foreign insurer on any one (1) or more of the following grounds:
(a) Any of the grounds in KRS 304.33-140;
(b) Any of the grounds in KRS 304.33-190;
(c) That any of its property has been sequestered by official action in its
domiciliary state, or in any other state;
(d) That enough of its property has been sequestered in a foreign country to
give reasonable cause to fear that the insurer is or may become insolvent;
(e) That:
1.
Its certificate of authority to do business in this state has been
revoked or that none was ever issued; and
2.
There are residents of this state with outstanding claims or
outstanding policies.
Terms of order. The court may issue the order in whatever terms it deems
appropriate. The filing or recording of the order with any county clerk in this
state imparts the same notice as a deed, bill of sale or other evidence of title
duly filed or recorded with that county clerk.
Transformation to liquidation or ancillary receivership. The conservator may at
any time petition for and the court may grant an order under KRS 304.33-520
to liquidate the assets of a foreign or alien insurer under conservation or, if
appropriate, for an order under KRS 304.33-540 to be appointed ancillary
receiver.
Order to return to insurer. The conservator may at any time petition the court
for an order terminating conservation of an insurer. If the court finds that the
conservation is no longer necessary, it shall order that the insurer be restored
to possession of its property and the control of its business. The court may also
make such finding and issue such order at any time upon its own motion.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1454, effective July 15, 2010. -Amended 1978 Ky. Acts ch. 384, sec. 473, effective June 17, 1978. -- Created
1970 Ky. Acts ch. 301, subtit. 33, sec. 51, effective June 18, 1970.
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